2023, Yunnan Construction and Investment Concrete released its performance report for 2022. The
report shows that in 2022, the revenue was 1.681 billion yuan, down 20.1% year-on-year; the profit before income tax was 36.4 million yuan, up 142.7% year-on-year; the net profit was 29.9 million yuan, up 346.3% year-on-year; Net profit attributable to owners of the Company amounted to RMB27.2 million, representing a year-on-year increase of 3785.7%.
As of December 31, 2022, the total assets of Yunnan Jiantou Concrete are 4.831 billion yuan, with a year-on-year increase of 1.4%; the total liabilities are 3.461 billion yuan, accounting for 71.65% of the total assets, with a year-on-year increase of 1.4%.
In 2022, affected by the international and domestic demand environment and the frequent outbreak of domestic epidemics, the output of major products in the ready-mixed concrete industry decreased significantly compared with the same period in 2021. According to the statistics of China Concrete and Cement Products Association, in 2022, the output of commercial concrete in China was 3.031 billion cubic meters, with a year-on-year decline of 11.8%; the decline in Southwest China was more than 20%, and the decline in Yunnan Province was close to 20%. According to the statistics of Kunming Bulk Cement Commercial Concrete Association, by the end of 2022, there were 100 legally qualified main enterprises and 85 member units in Kunming, with a total output of ready-mixed concrete of about 11 million cubic meters and an output value of about RMB 3.85 billion, a decrease of 60% compared with the same period in 2021 (2021: 27.36 million cubic meters).
For the year ending 31 December 2022, the Group produced and sold 4.65 million cubic meters of ready-mixed concrete, 16,000 tons of polycarboxylic acid admixture, 530,000 tons of aggregate, 277,000 tons of cement and admixture and 6,700 tons of commercial mortar. The Group's revenue amounted to RMB1,681 million, representing a year-on-year decrease of 20.1%; Profit before income tax was RMB36.4 million, representing a year-on-year increase of 142.7%; net profit was RMB29.9 million, representing a year-on-year increase of 346.3%; and net profit attributable to owners of the Company was RMB27.2 million, representing a year-on-year increase of 3785.7%. As at 31 December 2022, the Group had 45 concrete batching plants and 85 production lines with an annual production capacity of 19.656 million cubic meters. The Group also had 171 traditional fuel-fired concrete delivery vehicles, 3 electric concrete delivery vehicles, 5 electric loaders and 1 battery swap station.
As at 31 December 2022, the total assets of the Group amounted to RMB4,831 million (31 December 2021: RMB4,762 million), representing an increase of 1.4% from the end of 2021. The Group's assets are mainly trade and bills receivables, cash and bank deposits and property, plant and equipment, which accounted for 90.2% of the Group's total assets, of which trade and bills receivables and other assets accounted for 83.2% and 7.0% of the total assets, respectively. As at 31 December 2022, the total liabilities of the Group amounted to RMB3461 million (31 December 2021: RMB3414 million), representing an increase of 1.4% from the end of 2021.
Overall, in 2022, we will continue to make efforts to deepen reform and lay a solid foundation for development, and make substantial progress in green, low-carbon and high-quality development. We will take the three-year reform of state-owned enterprises as an opportunity to comprehensively deepen reform and improve the quality of development. In 2022, the national investment in fixed assets increased by 5.1%, but the investment in real estate development decreased by 10.0%, and the decline in the western region reached 17.6%. Our traditional business also decreased in scale, but benefited from a series of reform measures we adopted, and achieved a steady increase in quality. On the one hand, the operation has achieved remarkable results. In 2022, the value of new contracts signed by us reached a record high, and we obtained and began to supply a number of large projects including Yongjin Expressway, and the market share of the regional market, especially the key regional market, steadily increased. Taking Kunming as an example, according to the data of Kunming Bulk Cement Commodity Concrete Association, the output of ready-mixed concrete (mortar) in Kunming in 2022 decreased by nearly 60% compared with 2021, while our output of ready-mixed concrete in Kunming remained the same as last year, and the market share increased to more than 15%. On the other hand, the management has achieved remarkable results. In 2022, we set up a centralized procurement platform, carried out supply chain finance, implemented centralized bidding and procurement of the company's main materials, focused on cost reduction and efficiency enhancement, and implemented a series of cost control measures, including quota management of five major costs (raw material costs, transportation costs, labor costs, manufacturing costs, management costs) and the responsibility system of the head of the mixing station. Despite various adverse factors, the operating income in 2022 decreased by about 20% compared with 2021, but the total profit increased by more than 140% compared with the previous year, and the return on equity and cash ratio of revenue increased significantly.
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